This company is using four decades of power-engineering expertise to make a bet on data centres. Its core transmission business provides the foundation, while smart metering is moving towards recurring cash flows and the new digital business could become the next growth engine. The data-centre opportunity is still small in FY27, but demand is building and the company has earmarked about Rs 1,000 crore for expansion. The key question is whether its power moat can translate into strong returns in digital infrastructure.